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-run, healthy economy. that does have some effect on monetary policy. one of the most powerful tools we have is bringing down mortgage rates and stimulating home buying, construction, and related industries. so that is an issue we take into account. i would say one thing, which is that as the housing industry has strengthened and home prices have gone up, that has actually brought some people into the credit box, in the sense that the number of people, for example, who are underwater on their mortgages, is declining, as house prices go up. so as people have bigger down payments, bigger equity in their homes, they become more creditworthy. so to some extent, not -- i don't want to overstate it, but to some extent, monetary policy, by strengthening the housing market, helping support house prices, is bringing more people into the mortgage market. >> fox business. the stock market has been hitting all-time highs. it's recovered all of its losses from the financial crisis. i just want to know from you if i still have time to get in. but, seriously, how do you feel about that? is it good? is it b
to the economy. the economy needs financial assistance from the outside from the european union and i'm afraid the people running the show presumably the germans in the first instance have decided greek depositors should take a hit. the way that played out at least over the weekend was all depositors would take a hit of some kind no matter how small their deposit. it sales to be now an attempt to back away from that and focus on people with deposits over 100,000 euros targeting in part russians who hold a large amounts of money, claims on those cyprian banks. >> rose: when that happened what was the talk in the financial community citing your com a couple quotes one from dennis gotman the binging has been shaken to its roots. the banking depends on trust. he wrote a note to his clients trust that has now been shattered, broken and destroyed. jim o'neal at goldman sachs says astonishing with very little thought of containing. >> bailout 101 is you want to keep the money in the banks. you want to avoid a run on the banks. you want to avoid where people are standing outside wanting their cash be
economist. we're talking extraordinary weakness here, especially in the two most important economies, germany and france. >> yes. what we saw towards the beginning of the year, what we were hoping was we would see in the u.s. in the second quarter and maybe a third number. what these number res sharing, while we're seeing the rate of contraction to ease in the third quarter, around 4.6% declines. what we saw at the end of the quarter, regathering momentum and that puts the usa in a weak position heading into the second quarter. >> i was going to ask, too, the there's any way, these are sentiment surveys. these are not going on out and measuring production. what it does, it oles the companies themselves, asks them about data. pretty reliable whether it's the u.s. version of these or the global ones with tracking equity prices. and the point here is, this is the first reading of sentiment in march. yet it doesn't seem as though this was necessarily nud by the latest out of cypress. this would have all fallen before this happened. >> yeah. it's asking for hard information whether it is
for future bailouts. but making large depositors pay will hurt the wider economy, too. and that's the big question. yes, cyprus has been saved from bankruptcy and will remain in the euro zone, but at what price? some are estimating that with the reduction in the banking sector and with higher taxes, the cypriot economy could shrink by 10%. with years of hardship. and that is the big unknown. will the rescue end uncertainty or will cyprus end up like some of the other bailed out countries, with a lost generation, facing recession and job losses? >> pretty grim prospects in cyprus. and in a speech to the cypriot people tonight, the president called the deal painful but he said it was the best he could get. for more on the reaction there, i spoke to the bb's tim wilcox. we have now some clarity on the deal that cyprus has struck with europe. does it look like the island's actually going to be worse off because of this? >> it's instinct because i've just been talking to one of the m.p.'s who voted against the proposals last week, which was going to have a 10% levy or hair cut on deposits over
cyprus get to this point? >> it is a small country. its economy is based on three things. tourism, a very pleasant place for people to go. shipping, as befits an island. above all, what is euphemistically called finance. in the 1990's and early in this century, what the banks in cyprus did was offer themselves around the world as a wonderful place to come and make a deposit. we will convert whatever currency you have into euros, which is a very good currency to have. we will pay you an unusually high interest rate and ask no questions. this is often called good banking. they got a lot of deposits. depending on the estimates you believe, the total deposits in the bank of cyprus or five to eight times larger than the total gdp of that economy, which is an absurd situation. and those banks in cyprus took all of those deposits and they did what banks are supposed to do, find prudent, safe, non- risky investments. like all the banks and the last 20 years, they failed. they found that investments. they did not to prudently. the banks fell apart. the whole cyprus economy, already impacted by thi
economy. its banks are not highly connected with the rest of the international financial system. there is no risk of contagion here. >> adam, actually, of all the ideas you laid out, which do you think is the least bad of all those solutions? is it going ahead and letting the banks fail? >> that would be my preferred route. failure implies that the banks can't pay their depositors. they are restructuring. they will be very orderly. basically, the banks would be closed for two days. what would come out is when they reopen, the depositors would be the large depositors because the small depositors would be fully protected. the large depositors would be the owners of a bank and they would have deposits of somewhere between 50 1k3 60 or 70% of their money and the rest of the shares in the new bank. the banks would be solvent. the banks could be highly capitalized and they would then have access to the ecb for refinancing to provide any liquidity. >> and the fallout from that would be that the russians -- >> and basically -- >> the fallout for that is that the russians are the ones wh
those economies dramatically, weakens those countries. and it also weakens italy. >> you're saying potential contagion. finally, how does it get resolved? michelle is talking about a good bank/bad bank, nobody pays on deposits up to $100,000. the bailout is 10 billion euros from the european -- ecb. the bail-in is about $6 billion euros. so greece is looking for whatever they're looking for, $4 billion, $5 billion. or does europe bail that out even more? >> the biggest factor of all, dan and i were talking a couple minutes ago, the depositors above 100,000 will lose 40% to 50%. >> those are russians. they're going to be pissed off. >> the great systemic problem of giant bank failures is somewhat eliminated by what they're putting forward now. >> what do you think, dan? does this work? >> for our viewers i don't think it matters. the specifics are super interesting, we're going to go have a drink. what matters to people at home, what matters to the larger story is we decided that people's property in banks was not their own. >> in europe or in the u.s., too? >> in europe only. >> th
part of the economy that's being left at a tivitate now, and where's the exit strategy? >> and i think revenue could be an issue. oracle is out with its third quarter. revenue came at 8.6 billion versus 9.3 billion, an estimate. jon fortt has all the numbers right now. >> let's drill down to some numbers, maria. exactly where oracle missed, because this is a miss. on new license and cloud revenue, the street was looking for 2.57 billion. they came in at $2.3. on hardware product revenue, the street wanted somewhere around $800 million in research. they came in at $671 million. that's well below their guided range on that. and on non-gap operating margin, they came in at 47%, which is right about where the street was looking. they don't give guidance until the call, but this is really important, because they're guiding into their biggest quarter, their fiscal q4. also, larry ellison has said the hardware business was going to have a transition quarter in q3. we should expect to start seeing it growing in q4, given this hardware number, it's going to be especially important for them to b
[inaudible] >> in the supermarket, there's evidence of a cash economy expanding. >> we have suppliers demanding cash. not all of them but some are in a panic situation and are demanding cash payments. >> so everyone is waiting to see whether the government can strike a deal with the e.u. by the deadline of monday and save the country from bankruptcy. the challenge for cyprus and its parliament is how to raise nearly $6 billion and so qualify for a full zureo -- eurozone bailout. the problem is there is tension between cyprus and germany. only today angela merkel was warning that patience has its limits. banking would be restructured with smaller bank accounts protected but larger accounts possibly taking steep losses and there might still be a tax on savings. it was rejected once but might be applied to big deposits. every move is controversial. these bank statue were blocking the roads today. they fear restructuring the banks will lead to layoffs. >> they fear they won't have a job. what do you think will happen? >> whatever is decided here will still have to win the approval of the
to give the state all of our resources which would be at least 3 billion euros to help the economy. maybe a little bit of help from heaven. back over to you. >> the archbishop, this is something people should go look up this piece of the story. this is a fascinating piece. he's seen as this spiritual leader there who has been quite vocal. he's been out there talking saying let's get out of the euro and go back to the pound. do we have carolyn? can i briefly ask what it's like on the ground there? we understand that it may be several more days, not just thursday, before people can access their money in cyprus. >> absolutely. initially we know that banks were going to be closed up until tomorrow but at this point there's a lot of speculation that banks will be closed up until tuesday because monday is another bank holiday and at this point it's very, very uncertain that we'll get a viable plan b to get the bailout deal in place at this point it doesn't look like we'll get it by tomorrow. at this point we are expecting that banks are going to be closed for a little bit longer. of course that
to share with you some views of the economy from our 54 respo respondents. firming housing prices are a game changer. there is something much more self-feeding about recovery this year. could be a turning point. the objepposite from john rober. we believe a recession/economic slowdown is a possibility in the latter half of 2014 or early in 2015. some of the excesses that could cause a recession are beginning to build in the economy. another piece of data, the biggest problems facing our economy, taxes/regulation, 29%. i would say that's a victory given that europe is not in there for fear of recession is not in there. too much deficit reduction, 16%. slow job growth, 12%. too little deficit reduction, 10%. guys, these are more normal problems, i would say, than we've had in the past. the european financial crisis, u.s. financial crisis. sue, i would take a victory, yes, there are problems out there. >> i totally agree with you. it's the first time in a long time we haven't seen europe on a list like that. >> thank you, steve. >> absolutely. thanks, steve. >> sure. >> the markets h
really suffered greatly throughout this week, as we noted. the economy in cyprus, is going to continue to drop. 10 to 20% is likely. this is a country that was glowerrishing before -- fluorishing before it joined eurozone, but now cyprus is taking a hair cut for greece, and greece for cyprus, and the troika is coming in to help. you cannot just jump out at this time. yet there is no room for nail failure, they are not printing more money, they will severe draconian measured. severe austerity, one country at a time, in the meantime people are weeping, imagine everything you have known to be true, is not true any more. neil: if you think about it, ty. you are a big investor, and world renounce, a lot of folks in europe, their bank acount is everything, their savings are there their vestments are in glorifies pass book savings accounts, that is it. so a trust has been broken to say nothing of the trust in european club, to keep it going. i think when you let people down, when you scare them, when you break a trust of confidence it is really katie bar the door, isn't it? >> i don't think t
and the new fed forecast for the economy. and the stocks we're focused on this morning, blackberry getting an upgrade at morgan stanley and a note titled why it won't go down and it gets into the best buy bull camp, and calling it the best near-term idea in the sector. let's get straight to fedex. the package delivery company says it earned $1.23 a share in the fiscal third quarter and below wall street forecasts. fedex says the customers were choosing slower transit services. this does happen, of course, after a massive run in the transports. >> one of the things that amazes me about fedex is they keep missing and they get loved a few days later. missed and gets loved. it's still regarded as being a profit machine. they have this restructuring that people like very much. people feel it's only a matter of time before someone steps up to the more expensive freight. to me, my charitable trust owns ups. ups has the expectations lower. scott davis always says negative things. >> melissa hit the nail on the head. the stock had a big run and the two guys were going head to head over what was in
against iran have been effective. he said this was due to the iranian economy is over dependence on oil. he said he was not opposed to direct talks to america about iran's nuclear program. >>> the european union has given cyprus until monday to raise 6 billion euros or risk losing a bailout fund. after public outrage on the island, the government backed away from the planned, asking all bank depositors to pay a one-off tax. now have to come up with the money some other way. gavin hewitt has the latest. >> there is anger and anxiety in cyprus. this was a crowd of bank workers blocking access, and arriving mps had to be lifted over police barricades. protesters fear their bank will collapse. were shaken. why did they shout at you? >> because they're losing money. linesing the day, long had formed at the cash machines as the government's scramble to raise billions of euros to avoid bankruptcy. the lines mainly focused on one bank, rumored to be in difficulty. >> there is a rumor that if somebody does not buy it, it will close. >> at 1 cash machine, they posted the time when there would be
times the size of its economy without having some kind of bail structure in a solution, it becomes very difficult. and i think that understanding is quite clear among investors. so from a longer term perspective, i think there's a positive element here which is a more substantial bailin in this solution. >> valentin, what kind of exposure do you have in europe at this point and what changes have you made in regard to how the cypriot levy is handled? >> it is creating a bit of uncertainty. clearly, it comes from lingering uncertainty over the political situation in italy. so all in all, it makes the bit more cautious on europe. not so much on our overall willingness to take risks. we're still overweight global real estate, but we have still put down our exposure in europe, so we are now under weight european equities. we are cautious on peripheral bull markets and european fixed income space. so that is the main changes. still on the regional allocation that we have, but not so much altering our overall willingness to look for risk. i think in general, the broadening of the global cycle
and that will lead to a decline in the money that is slowing around the economy and that means lower output essentially. so what we're looking at here in cyprus is that the retracted recession is not depression. let's continue with the discussion with professor pisteritus. thank you so much for joining us this morning. just how do you read the deal? did the germans win in the end? >> well, i would have to agree with you that what the germans wanted has happened in the end. it's an incredibly bad deal for the eurozone. cyprus is table because you are taking away from the island more than half its gdp. you're destroying small enterprises and the sector which accounted for 45% of gdp. expect unemployment to shoot up. we are not sure what the next step in this model is going to to be, but what has even wider implications is that the for the first time within the eurozone, depositors had to bail out ailing banks. and that happened in the 1930s. there were bank runs. we introduced deposit insurance. we introduced polling schemes for risk. in europe, we are headed for a banking union next year so
insolvent. the banks in cyprus are huge, eight times the size of the economy. consider that here in the united states. our banking system is roughly one-time the size of our economy. what we're waiting to see next are they going to get this through parliament and get it done? it is so controversial they're trying to find out different ways to make it less controversial. impose the tax on larger shareholders to a much greater degree. it was originally 9.9% and you go to 12%. if you didn't want to tax the small guys at all you'd have to go to 15% or 16%. this is the scene when the president walked into the palace headquarters. there were people there with no written on their hand and this says merkel stole our money. keep in mind, european union will still give them 10 billion euros and they were trying to come up to reduce the original size from 17 billion euros. the other thing to keep in mind, by taxing depositors they're taxing a lot of foreigners and a lot of russians who had kept their money. the thing is will the rest of europe, will small depositors across the rest of europ
and howard ward. >> economy is getting better, capital chase returns and stocks continue to trend higher although there's profit taking here and there. >> okay. we'll take that to the bank. the key question about europe. it's all about credit quality. >> who do we have to worry about? >> spanish, italian and greece. >> you're very worried. >> people have to start doing their work. europe never did the work of fixing bank solvency in the first place. >> gentlemen, thank you for being here. >> happy monday. >> that does it for us today. make sure you join us tomorrow. right now it's time for "squawk on the street." ♪ ♪ ♪ ♪ >>> welcome to the last week of the first quarter. good morning. welcome to "squawk on the street." i'm carl quintanilla with melissa lee and jim kraker. futures reflecting the relief of the cyprus deal. a similar picture in europe where the italian tenure is now below where it was before those italian elections and a mixed picture in asia this morning. the nikkei up about 1.5%. the road map begin with the eurozone that did not collapse over the weekend so natura
the day. from the economy to earnings now. we get a number of interesting quarterly reports due today as well. before the bell, we'll hear from fedex, general mills and lennar and this afternoon we have oracle. a lot to chew on for the markets. s&p by the way coming off its first three-day decline of 2013. take a look at u.s. equity futures at this hour. green arrows across the board. and then of course there's cyprus. the country's leaders are holding crisis talks today trying it avert a financial meltdown. the parliament rejected an unprecedented tax on bank deposits. that was a key part of the eu bailout terms. the finance minister is in moscow today with mounting speculation that russia could step in with a safety plan to safeguard russian deposits in cyprus. steve sedgwick is in moscow where he caught up with the finance minister there an hour or so ago. steve? >> they turned to russians once again. there's a loan on the table from russians dating back from 2011 so it's not the exception to it the rule for the cypriots to turn to the russians. the russians themselves are indignan
. let's take a pause to digest all of what's going on. >> there are two economies here. kb homes, lennar, sherwin williams, whirlpool. there is the economy defined by fedex, by caterpillar and this morning by yorele cal. i was on the call last night. the cisco downgrade today. this dichotomy is allowing i think bernanke to not have to taper off. at the same time it calls into question how weak is that international market. seems very weak. >> did we get largely what we wanted from the fed yesterday? there were no big surprises within that. >> no. i think that was the point to not have any big surprises. i think there was a poignant moment yesterday that i think wasn't talked about enough where someone asked imputedly, i felt, because ben bernanke deserves better -- do you know anybody that's unemployed? do you note price of a gallon of milk? he came back, yes, i have a relative on unemployment. he's going to get unemployment down then we'll talk about tapering. until then we are playing a parlor game with the fed. i believe bernanke when he says these things. >> there's no reason to beli
blames israel. >> they want to control gaza, the people, the economy, they want to control everything. >> welcome to the great palestinian divide. ramallah is hardly boomtown but a galaxy apart from gaza. the market is busy. coffee shops are packed. and nine different arab banks compete for customers at this ramallah mall. stan helped build the mall. he says better than gaza isn't good enough. and, again, he blames israel. >> israel now has the leisure to be able to pick and choose how much restrictions it puts on the various palestinian areas, but that doesn't mean that ramallah is not under military occupation. we are very much in a cage. and around this cage is either israeli settlements or military checkpoints. >> he lives here but raised in youngstown, ohio. an american citizen who voted twice for president obama but believes visiting israel and ramallah now is a big mistake. >> coming and going without bringing any kind of political movement is em boldening israel and imboldening israel with this right wing government means more settlement means more collapse for the palestinian
stuart: the highlight reel. all about cyprus. cyprus, they'll out approved. >> the economy is likely to get worse. >> continuation of stealing what has already been stolen. they will not be happy. >> they are devastated. that is not what cyprus is or ever was. >> europe does not have the mechanisms in place that the united states has to manage a currency or a banking system. >> watch the euro. that affects all of us. stuart: italian banks have been halted in trading. charles: yes. stuart: why? charles: they are worried. these stocks are plummeting. stuart: the dutch finance minister said the cyprus situation is a good template for other european countries. they have reached into private bank accounts, taken the money out and used it to finance the bailout. that is what everybody wanted to avoid and now the dow is down 43 points. >> that italian banks are frozen because now the fear is they will have their money taken out. stuart: the dutch minister is now staying this could prompt a euro zone bank restructuring. that is why the dow is now down 46 points. you have a 80-point
and the austerity he is putting in place has caused the economy to be really slow. >> a lot of tax increases over there in europe. we look at this austerity bit. i want to talk about this for a second. >> i want to get back to the budget then. >> talk about what is happening in washington. you know, economics discussed on tv or on the internet or on twitter, it's so depressing, because people really don't know what they are talking about and they just sort of boil it down and there is this belief through the years, that tax cuts are not a tool used. of course, tax cuts are a tool used and tax increases something that traditional are against in bad times. we hear about austerity across great britain and we never hear about the tax increases. when you talk about the fact they cut and slash spending at the same time they hike taxes, it really was a formula made to fail. >> spending cuts and tax increases both take money out of the economy and slow the economy and, yes, they create this idea of austerity. but, look. it's a balancing problem. on the one hand you need to deal with it budgets and defici
setback for chancellor angela merkel, just when she needed a victory with hard-hit eurozone economies contracting and german taxpayers nervous of the cost of bailouts. opposition parties are demanding the chancellor improve her track record. >> the fiscal cliffhanger in cyprus has turned into a major headache for angela merkel in her role as crisis manager. for many on the island, germany as part of the problem, but she points out that the troika is the negotiating partner for any bailout, not germany. >> politically, it is important that cyprus create a sustainable banking sector for the future. their current model is not sustainable. >> merkel also stressed that the eu had requested a levy on private accounts above 100,000 euros and not the 20,000 suggested by cyprus' government, but the german government says the cyprus debacle is covered in angela merkel's fingerprints and she must find a solution. >> the chancellor must make sure that the deal is struck which represents the interests of cyprus and stabilizes the european economic zone. >> but according to mrs. merkel, the ball is
's economy after a week on the brink of disaster. talks have significantly overrun, adding to fears that the deal is far from certain. we will go live to brussels in a moment. >> president nicos anastasiades left of cyprus behind for a chilly brussels. he is trying to broker a deal with eu finance ministers by monday to secure aid for his beleaguered country. his eu colleagues are demanding the cyprus raise the sum of 5.8 billion euros itself in order to release a rescue loan package. a compulsory levy on savings may be the only answer. but major investors in cyprus's biggest bank, the bank of cyprus, could lose up to 20% of their deposits. not surprisingly, it's an unpopular measure. >> nearly everyone's going to lose some money. of course, the amount will be greater for some than for others. and that's that. >> there is anger at the nation's creditors. >> the germans are only interested in themselves. they don't care about anyone else. >> cyprus's banks have been closed for a week. the european central bank has threatened to cut off the island's emergency funding should no deal be
of the economy that are not that strong and i don't know what the sequester will bring in the month of april. >> look, the data say things are better, and i think the fed will be under a lot of pressure because interest rates are headed higher. >> at some point the fed will have to acknowledge that -- and they have -- to your point, they changed the language a little bit. it's a moderate recovery and it's a strengthening recovery. words like that. >> right. >> at some point they're going to have to acknowledge what we all seem to know which is -- they're not great, but things are getting better. now will inflation pick up and that, of course, is the fed's number one mandate. will inflation pick up until we see jobs pick up because wage inflation comes with excess demand from workers. i don't know. that's the big trillion dollar question mark. >> commodity inflation whether it be corn or copper and the strong dollar will contain inflation that's going up a great deal. housing is stabilizing and not really in the numbers. i want to take issue with some of what you said. i think we all think th
's on -- you know, it's 0.2% of their economy and, you know, we're worried about whether there's any ripple all the way over to us. >> it may want be an instant market reaction, though. it may be something that's more of a concern about whether there would be other countries that step out of the eu. >> don't you think the markets could anticipate whether there would be further trouble or not? >> i don't know. i think this is -- >> we would be seeing it if it was really -- if they he can't sell off in europe, we shouldn't be looking at it at all for our markets here. >> no. michelle, what's that? >> i know you're over there, but you don't care. >> the one ripple effect i can think of is -- the one ripple effect i can think of is that if when they wind down this bank, there's some wealthy russians or wealthy companies that had money in there that they would lose a substantial portion of, perhaps 50% of the uninsured deposits if they do a wind down. if they have a margin call, you know what i'm saying? some kind of ripple effect maybe related to a russian company or a russian individual. but when
of the economy is about 18 billion euros, so the banking industry is four times the size of the economy. if you allow the banks to fail, much like letting citibank or jpmorgan here in the united states, that would have significant repercussion the in the economy. connell: where do you stand on the idea of the con cement spreading? could it happen in other countries was the question asked, it seemed like, in the markets this morning if it goes through on cypress, on to the next guy and next who have problems? >> that's a legitimate concern that the architect or one of the principle architects here, the imf, the ecb, and the european union and germany with a strong hand there. if they force this upon one country, who is to say they couldn't force it upon a larger, more important country? if europe were able to execute a plan like that, who is to say that the united states wouldn't look and say, well, they did it in europe, why couldn't we look here? connell: rule of law question; right? >> exactly. dagen: what's the solution? somewhere between forcing the haircut and letting banks fail? where is
. that's good for 125th in the world. per sapt a gdp, $26,900. 71% of the economy service based. tourism big there. 20% is industry. 8.5% agriculture, mostly olives and citrus. in a nut shell, finance ministers are going to hold a conference call this evening to discuss a proposed bailout for the cypriot banks. the plan started this weekend included taking money from regular bank deposit, large and small, 6.75% to almost 10% if you've got more than 100,000 euros in an account over there. why are those banks in cyprus in trouble? they were heavily exposed to greek debt and we all know what happened there with the greek debt, both public and private. then the cypriot banks were national as ied to prevent an need colorado lapse. european regs, that's where the rest of europe comes in. instead of sending a bailout like it did in spain and greece, germany wants to raise money from actual people with deposits in those banks. here's how goldman sachs' paul o'neill summed it up on "squawk" this morning. >> i got off a plane from singapore saturday morning and i thought my jet lag was up but i wa
demand. moreover because of stronger growth in each economy. it has the beneficial spillovers to trading partners. there will be a test later. thank you. ashley: there are always two sides of the story. central banks have been doing it all around the world. tracy: i know. peter barnes will bring you the q&a session of bernanke's comments when they have been live. ashley: let's check these markets. nicole petallides at the nyse. you are also looking at some big tech names. nicole: i am keeping an eye on blackberry and yahoo!. down almost 3%. goldman sachs downgraded. it is not really up to par and not really doing that well. they are not seeing the sales that they had hoped. let's take a look at yahoo!. it is up one half of 1%. 23.25 a share. back to you. ashley: barely up, but it is up. thank you. tracy: boeing announcing its plan to conduct a 787 and flight today. the troubled dreamliner has been grounded since early january. we heard last week they would do a little test flight. ashley: hopefully no smoke. with the securities and exchange commission approving nasdaq's plan to pay out t
nation of cypress is safe for now. the last effort to bail out and save its economy, but the solution that has bank depositors and investors everywhere now nervous. the largest banks are taking up to 40% of all bank deposits more than 100,000 euros or $129,000 or higher leaving smaller deposits untouched. optimism over the deal initially pushed the s&p 500 to within a point of its all time high of 1565 in early trading. stocks told off the cypress bailout is a template for the ways in which the eurozone will address future bank problems and bailouts. the dow jones industrial average fell 64 # points, s&p down five, and the nasdaq lost ten points. on the domestic front, president obama called upon congress to, quote, finish the job on immigration. speaking during a citizenship ceremony at the white house, president obama stressed the importance of getting something done. >> we have known for years that the immigration system is broken, not doing enough to harness the ingenuity of those who work hard to find a place here in america, and after avoiding the problem for years, the time has
go, the economy comes to lif norfolk southern. one line, infinite possibilities. david: five seconds away. s&p futures are closing let's head back to tim mulholland in the pits of the cme. what are you see, tim? >> we're closing near the highs. slow volume day. next week is the first week of the -- last weeks of the first quarter. so i think that we're looking at some regional fed manufacturing indexes, and end of the quarter. this market sits back a little, one step back, two steps forward. david: everyone wants to it is friday. everybody take a breath. tim, thanks very much. >> sure. shibani: shares of grocery conglomerate supervalu are soaring today. let's head back to the floor of the new york stock exchange and sandra smith with the latest. sandra? >> hey, david, hey, shibani. investors of supervalu the supermarket chain are breathing a fresh air as the stock is trading over 15 million shares. the basically the grocery store chain announced it closed a many could plex deal where cerberus capital management led group slimmed down the supermarket portfolio of this company. they sh
can be the linchpin in our economy over here. it's ridiculous. >> right. it should be a smaller problem. they could take care of this in other ways. they could print money or -- >> i'm not going to pick a state here. it would probably be a southern state, but a poor southern state cannot take the down the united states. >> a western state because they're not awake yet. but here we are. out of the 22 -- cyprus? >> you thought greece was small, cyprus is -- >> come on, cypriots? i remember some conflicts. i thought it was a golf course, which would be a much bigger problem to me. >> let's introduce our guest host this morning, kenny dichter, co-founder of avian. why do i always mispronounce it? because you've been b drinking it. >> avione is airplane in french and spanish. >> can we get a full shot of this? he's now the chairman of juicepress. i have been drinking this stuff for the past week, virtually, five days. >> and you know what? your skin tone has never looked better. >> no food up until this saturday. you've been doing this now -- >> 22 days. >> i've made my cleanse zero
crude prices can tell us about the broader economy. stick around. ♪ ♪ no two people have the same financial goals. pnc works with you to understand yours and help plan for your retirement. visit a branch or call now for your personal retirement review. at a hertz expressrent kiosk, you can rent a car without a reservation... and without a line. now that's a fast car. it's just another way you'll be traveling at the speed of hertz. all stations come over to mithis is for real this time. step seven point two one two. verify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. >>> good morning. welcome back to "squawk box" here on cnbc. i'm joe kernen along with becky quick and andrew ross sorkin. u.s. equity futures at this hour after giving back about 62, well off the lows yesterday. indicated that a bounce a little, but a time can happen between thou and 9:30 on the east coast. there's energy, you see crude
the week. the bureau could recover a little bit, despite economic disappointing data. the german economy seems to lose momentum. the ifo index dropped for the first time in a month. emma we stay in frankfurt for a closer look at the numbers. the dax fell just slightly, but bigger losses over the course of the week, finishing at 7911. that is how it went in the week in the euro stoxx 50. let's call it finishing flat. across the atlantic on wall street, the dow slightly higher, 14,496. the euro trading higher at a value of $1.2979. u.s. president barack obama has been in jordan this friday on the final leg of his middle east tour. talks with jordan's king focused primarily on the civil war in neighboring syria. >> obama said he was worried syria could become a haven for muslim extremists -- when, not if president assad is ousted. he urged the international community to work together to make sure there is a credible opposition ready to step into the breach. >> the final leg of barack obama's tour of the middle east will be dominated by one issue. with the conflict in syria on going, jordan
and the people are angry. the economy is on the edge. how is this a win? >> it is a win in a technical stents -- a sense. they would not fund -- because of that overnight agreement, that bankruptcy has been averted. on the ground, in reality, there are people there who are desperate to get money out. there are concerns in brussels about future bailouts. it is only a win in that very narrow definition of not having suffered the first bankruptcy of a national bank in the european union. but beyond that, we wait and see. >> as you indicated, this is not just cyprus. it is much broader. they are concerned to save -- to say the least. what guarantees do they have at their money is safe in the eurozone? >> if you are a small savor in the bank, bureaucrats here will tell you that cyprus was one off. yes, we came close to breaking bank accounts, but it did not quite happen, so rest calm. people responding to that is that so far, every time there has been a a lot or crisis, it has been a one off. greece was a one off and it could not happen again in that form. spain, portugal, italy. what's a cyprus h
. above 14,500. traders reacting to the word the federal reserve will take more steps to boost the economy through the program of buying up $85 billion in treasury and mortgage bonds. but the trouble in cyprus could threaten markets. officials are trying to find a new way to keep their own economy afloat after the parliament rejected a bailout that would have taxed its own citizens' bank accounts. the banks are closed the rest of the week. >>> where are we with this situation? >> in a standstill when it comes to cyprus. the parliament is betting the european union and central bank will not cut them off for -- not going through with the plan to tax deposits. they have almost a week to negotiate. next tuesday is when the banks open up. in the back channels with russia on financial support, so it seems they're hoping they can find a stopgap. >> shepard: what i didn't understand was the real problem with this situation in spy russ is the russians, who have been laundering money, have stashed so much money in the banks, the banks are bigger than the economy in the country. so they could have ta
tightening the money market and the liquidities condition in the economy and where we flexed in the capital markets these days. >> great point. raymond yung joining us. thanks very much. a reminder again that what we're seeing in markets today isn't just about cyprus. it could potentially be that seasonal time of year once again where global sitters come to the fore. >>> straight ahead, find out why our next guest says the bank robbery is nothing more than legalized robbery. ery. ♪ (train horn) vo: wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. there. i said it. they don't have pictures of my kids. they don't have my yoga mat. and still, i feel at home. could it be the flat screen tv? the not so mini fridge? ♪ the different free dinner almost every weeknight? or maybe, it's all of the above. and all the rest. am i home? nope. but it almost feels that way. homewood suites by hilton. be at home. >>> welcome back to "worldwide exchange." stocks falling around the globe with european banks deeply in the red as the cyprus bailout and co
's remind otherwise of what we're talking about here. the cyprus economy is neither too big or too systemic to fail. fall is basically what the euro group has imposed on it. eats leaving it with almost no viable economy, certainly not to support the size of the economy it will grown to support. the trouble for cyprus being that they're going to have to take that pain and now the years ahead are going to be extremely difficult. we don't even know when banks are going to reopen. last night after those long negotiations when the cyprus manager left, julia stopped and asked him when people are going to be able to get their hands on their money. here is what he had to say. >> bearing that in mind, are the banks going to open on tuesday morning? >> i cannot say that. i cannot say that. it's always a mistake to say something like this when you are not completely sure. there is a lot 06 work to be done, but they will open very soon. >> and how long do you intend to use the capital controls for? >> that also i cannot answer. but, again, our objective to keep them as limited and is as short as possib
or the economy. this is something that will come up again with the debt ceiling fight this summer. but if you look at what the senate just passed, this is as christina said, they want to raise taxes. >> guys, let's switch to gun control here. christina, there's mention of the push for the gun control measures. a new gun control law was signed into law described as tough but does not ban semiautomatic assault weapons. here's the governor today. >> i get the feeling right now around assault weapons is that it's hard to define what assault weapons is, whether the ten-year ban, the federal ban made a difference. >> so colorado can't pass a ban on semiautomatic assault weapons. do you take that as a sign it's not going to pass in any state? >> well, it's really hard to know. every state is different. but there is a huge question here. lawmakers feel a lot of pressure from gun lobbyists, gun rights groups and this is why the effort is so interesting. he says he's going to spend $12 million to really look at senators that might be persuadable, particularly those with strong gun rights cultures in th
-through with the israelis and a lot of interesting developments on the growing economy here, the technology sector. we will have jeff goldberg and host of "meet the press" in the united states, david gregory and "meet the press" from here, dana weiss. we have a pretty jam-packed show. >> wonderful. andrea mitchell, thanks very much. >>> the white house is work, on shifting over side of its lethal drone program from the cia to the military. according to the "the wall street journal." the move would make the controversial program subject to international law. strikes would be undertaken with the consent of host governments, while many in washington believe the program will be more effective under the cia, the proposal reflects a growing consensus it needs to be on legal, sturdier footing. yesterday the senate kicked off hearings. senators on both sides expressed concerns over privacy. some members are mulling possible federal regulations. the faa estimates 30,000 drones could be flying in the u.s. skies in the next 20 years and richard haass is shaking his head. it's impossible to consider. >> i think t
, obviously the global economy would be in jeopardy and that obviously includes u.s. markets. naturally europe is one of our biggest trading partners. but for now investors don't seem to be too stressed. it is a very tiny country. it doesn't have the same impact like say france or germany. plus, we have seen a huge rally in the stock market since the start of the year. major averages up 7% to 10%. you know, it would take a lot to change that. michael. >> be half up on the day already. >> right. and of course big frustration, people can't get to their money from the banks. but then, jim, maybe you have some encouragement. any sign perhaps banks will reopen as early as tuesday perhaps? >> that can only happen if there's an agreement here to save the banks. the restructure, shutdown, whatever you want to call it. and reorganize these banks and europe says, okay, we'll allow the european central bank, think of that like the federal reserve, putting money into these banks just to keep them alive for a few more weeks. the federal reserve of the european central bank says we will shut that money off
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